Multifamily

Douglaston Development Breaks Ground on 277-Unit Bronx Affordable Housing Project

by Taylor Williams February 4, 2025

NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.

February 4, 2025

Development Midwest Missouri Multifamily

ARCO Construction, HDA Complete 268-Unit Apartment Complex in St. Louis

by Kristin Harlow February 4, 2025

ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit apartment complex in St. Louis. The four-story, 278,659-square-foot project features a three-level parking garage totaling 94,598 square feet. Outdoor amenities include a courtyard with a pool and grilling area. Inside, residents can enjoy a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Monthly rents start at $1,410, according to the property’s website.

February 4, 2025

Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $25.9M in Financing for Seniors Housing Community in Metro Grand Rapids

by Kristin Harlow February 4, 2025

WYOMING, MICH. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a 152-unit seniors housing community in Wyoming near Grand Rapids. Built in 2019, the Class A property is part of a larger 120-acre master-planned community. Rivertown Ridge features units for independent living, assisted living and memory care. Amenities include a library, bar and entertainment space, theater, fitness center, coffee bar, lounge, activity areas and underground parking. Mary Stuart Hurst and Russell Dey of Walker & Dunlop partnered with Inner Circle Holdings to arrange the 10-year, fixed-rate Fannie Mae loan, which features three years of interest-only payments. The borrower was Redstone Group Management Inc.

February 4, 2025

Georgia Loans Multifamily Southeast

PGIM Provides $82.3M Refinancing Loan for Midtown Atlanta Apartment Community

by John Nelson February 3, 2025

ATLANTA — PGIM Real Estate has provided an $82.3 million, floating-rate loan for the refinancing of Mira at Midtown Union, a 355-unit multifamily property located in Midtown Atlanta. The borrower, a joint venture between MetLife Investment Management and StreetLights Residential, will use the loan proceeds to refinance existing debt and secure tenants for the available retail space. Tom Goodsite of PGIM Real Estate led financing efforts for the transaction. Delivered in 2022, the 26-story tower offers a unit mix of studios, one-, two- and three-bedroom floorplans that range from 496 square feet to 1,743 square feet in size. Amenities include a resort-style pool, resident lounge, sunset deck with fire pits and grills, pet spa and dog wash station, coworking spaces and a multi-room fitness center.

February 3, 2025

Acquisitions Florida Seniors Housing Southeast

JLL Brokers Sale of 283-Unit Senior Living Campus in Wellington, Florida

by John Nelson February 3, 2025

WELLINGTON, FLA. — JLL Capital Markets has arranged the sale of Wellington Bay, a 283-unit senior living campus located in Wellington, approximately 16 miles west of West Palm Beach. The 45-acre property features a 159-unit independent living community and The Lisbet Health Center, which comprises 124 assisted living and memory care residences. Amenities at the campus include a 65,000-square-foot clubhouse with dining, outdoor and indoor swimming pools, a hot tub, putting green, bocce ball court, pickleball court and fitness, wellness, concierge, arts and entertainment programming. AEW Capital Management acquired the property from an undisclosed buyer. JLL’s Seniors Housing Capital Markets team represented the seller in the transaction and secured a three-year acquisition loan through Capital One Bank on behalf of the buyer.

February 3, 2025

Development Multifamily Student Housing Utah Western

University of Utah, ACC Break Ground on 1,400-Bed Student Housing Development in Salt Lake City

by Amy Works February 3, 2025

SALT LAKE CITY — The University of Utah (The U) and American Campus Communities (ACC), in a public-private partnership, have broken ground on a $155 million student housing complex in Salt Lake City. The six-story residence hall will add 1,400 beds for first- and second-year students. The U will manage and program the first floor to feature common indoor and outdoor social areas, new dining facilities and fitness areas. The development is part of ACC’s American Campus Equity (ACE program), which enables universities to expand and enhance student housing without taking on additional debt. Under a 55-year lease agreement that includes two 10-year extensions for a final term of 75 years, ACC will manage and own a leasehold interest in the property. The project team includes MHTN Architects, Ayers Saint Gross and Okland Construction. The new residence hall is slated to open for occupancy in fall 2026.

February 3, 2025

Acquisitions Multifamily Washington Western

Northmarq Brokers $19.9M Sale of Richland Court Apartments in Richland, Washington

by Amy Works February 3, 2025

RICHLAND, WASH. — Northmarq has arranged the sale of Richland Court, a multifamily property located at 2433 George Washington Way in Richland. KEI Apartment Fund 9 LLC sold the asset to BLV-Richland Court LLC for $19.9 million. Built in 1994, Richland Court offers 88 one-, two- and three-bedroom apartments and 142 parking spaces, including 10 garage, 24 carport and 108 surface spots. Apartment amenities include full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings and ADA-accessible rooms. Community amenities include onsite maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, a recreation center, spa and tanning bed. Tyler Smith, Joe Kinkopf and Steve Fischer of Northmarq’s Seattle Multifamily Investment Sales team represented the seller in the deal.

February 3, 2025

Acquisitions Indiana Midwest Multifamily

Lauth Communities Acquires 296-Unit Apartment Property in Plainfield, Indiana

by Kristin Harlow February 3, 2025

PLAINFIELD, IND. — Lauth Communities has acquired Apex at Perry Crossing Apartments in the Indianapolis suburb of Plainfield for an undisclosed price. Built in 2023, the garden-style development features a resort-style pool, resident clubhouse, fitness center, coworking area, pickleball court, fenced pet park, game lounge and maker’s room. There are 15 residential buildings on the 26.2-acre property. Floor plans range from 721 to 1,381 square feet. There are also townhome-style floor plans with hallway garage access. Hannah Ott and Cam Benz of CBRE represented the undisclosed seller. Krieg DeVault assisted Lauth with its purchase.

February 3, 2025

Affordable Housing Development Illinois Midwest Multifamily

Skender Completes Construction of Fifth City Commons Affordable Housing Complex in Chicago

by Kristin Harlow February 3, 2025

CHICAGO — Skender has completed construction of Fifth City Commons, a 43-unit affordable housing complex in Chicago’s East Garfield Park neighborhood. The units are reserved for residents with incomes ranging between 30 and 80 percent of the area median income. Additionally, all units were built to Passive House standards of sustainable energy use. The project site was vacant land for decades. As a part of the global C40 Reinventing Competition for Cities, which encourages municipalities around the world to use vacant land for sustainable, net-zero redevelopment, the City of Chicago selected the site for redevelopment in 2019. Sitting at the gateway to a part of Garfield Park called Fifth City, the 1.5-acre development was named after this geography to honor the community development organization of the same name that was active in the neighborhood throughout the 1960s. Construction on the property began in July 2023. The new three-story facility includes community rooms, a resident terrace, fitness room, laundry facilities and onsite management offices. Skender and joint venture partner Ashlaur Construction collaborated with Nia Architects and Perkins&Will, and engineering firms dbHMS, Rubinos & Mesia Engineers, Omni Ecosystems and TERRA Engineering. Tandem Ventures managed regulatory compliance and maximized community engagement to create …

February 3, 2025

Acquisitions Multifamily Texas

S2 Capital Buys 590-Unit Apartment Community in North Dallas

by Taylor Williams February 3, 2025

DALLAS — Locally based investment firm S2 Capital has purchased Landmark at Gleneagles, a 590-unit apartment community in North Dallas. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 683 to 1,300 square feet. Amenities include a fitness center, business center, pool, playground, basketball court, tennis court, game room, lounge and outdoor grilling and dining areas, according to Apartments.com, which also noted that the property has been rebranded as The Monte. S2 Capital purchased the asset as part of a sale of a larger, 1,768-unit portfolio that included four properties in Tennessee.

February 3, 2025

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